In audit terms, data analytics in audit is a tool which auditors can use to analyse large volumes of data, to assess risks in a population and identify items for further testing.
The main benefits are:
– Enhanced audit quality
– Improved audit effectiveness
– Mitigating risks of fraud
Data analytics should increase; the focus, approach to risk, and the outcome from the audit process.
Professional: Paul is a qualified ICAEW chartered accountant and has been a member of the firm’s audit team for a number of years. Paul has a wealth of experience working with clients in the manufacturing sector and groups, including a number of owner managed businesses.
